MUMBAI (Commodity Online): Chilli futures decline Tuesday on profit booking by the traders on the back of subdued demand in the domestic as well as overseas markets.
In NCDEX chilli February contract is trading at Rs.5990 per quintal, down by 2.72 per cent on 14:15 IST against the previous close.
In the morning session the contract traded at a range of Rs.5920-6124 per quintal. Open interest of the contract is 2565 lots and volume traded is 1215 lots for the time being.
According to trade sources, today arrivals might increase due to sudden rise in prices which might shade yesterday’s gains during later hours.
Daily arrivals at spot market of Guntur declined to 30,000 bags on Friday against 50,000 bags (1bag-40Kg.). Export inquires from Bangladesh and Pakistan are remaining poor.
Therefore, fresh arrivals season along with subdued exports are likely to have negative impact in coming days. Andhra Rabi chilli area as on February 01th is reported 0.50 lakh ha v/s 0.46 lakh ha yr ago.
Chilli production estimates for this season is estimated around 12.5-13 lakh tonnes v/s 10.5- 11 lakh tones last year.
